Freddie Mac does senior housing securitization.Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. has done its first securitization of assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. and senior facility multifamily mortgages. In this deal, a $55 million portfolio for Alterra, the nine mortgages averaged $6.1 million. Five were located in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , two in Michigan, and one each in New Jersey and North Carolina. All were Originated by GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage Corp. and swapped for Freddie Mac participation certificates which GMAC then sold though its trading desk. More recently, Sunrise received an $88 million long term Freddie Mac loan commitment from GMAC. The loan, carrying an annual interest rate of 7.14 percent, will have a 10-year maturity and will be secured by eight assisted living properties in New Jersey, Pennsylvania, and Virginia. "We are pleased that our relationship with GMAC has expanded to include Freddie Mac," Jay Pope, Sunrise senior vice president of finance, said in a statement. "Our expectation is that this will be a new source of long term corporate financing that will allow us to manage our interest rate exposure and free up other credit lines." Freddie Mac's entry into the ALF ALF - Algebraic Logic Functional language market is expected to give a boost to a sector experiencing a capital crunch. |
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